Despite some denials this afternoon the IMF rumor/news/whatever completely changed the complexion of the day. After breaking that 61.8% retrace this morning, the market not only recaptured it but is recapturing the 50% retracement as well. So we are back in the "white noise" area of the S&P 500 and it's just a massive chopfest day after day. (or hour by hour). Unfortunately it is the same environment as second half 2011 where we are going to get a rumor or comment out of Europe every few days that is going to rip the market up or down significantly.
EDIT 4:05 PM – last 20 minutes today, case in point of CHOP. sheesh.
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